The current economy has been hard and not just for auto-makers and financial institutions - but in a way it has given all of us an opportunity to pause and re-think priorities. Like consumers, businesses, especially small businesses, are also tightening their belts - and what do you do about marketing when consumers and clients are spending less?   This was the focus of the inaugural event organized by TiE Marketing SIG titled Marketing in a Down Economy on February 19th, 2009. The panelists consisted of:

Altaf Shaikh, Founder & CEO, List Engage Inc.  
Praveen Ramanathan, Founder and Managing Partner, Ayantek
Ameeta Soni, Senior Vice President, Marketing and Business Development, VFA Inc.,

The event was moderated by Doug Banks, Editor, Mass High Tech.

“In this market it is important to convince the client that marketing is a necessacity rather than luxury. This involves profiling you ideal customer and changing the message and the ways to deliver it while tracking the engagement” said Soni.

Ramanathan emphasized the need to understand the marketing mix and the technologies involved. New media has leveled the playing field as such it is important to know that need of the client that you are filling. This is the time to focus on your best customers. Personalize it and give it a human touch.

“We are in a recession and hence one needs to market accordingly. It is important to do Match Back Analysis and analytics of the data to deliver value. Marketing today is the muscle and not the fat, hence it is essential to do press releases, announce new hires and nurture relationships,” said Shaikh. The ‘Batch and Blast’ marketing has given way to Transactional Marketing, Drip Marketing and Engaging rather that one thank you note for your business.

Bob outlined the opportunities involving social media practice and the engagement with clients using the new media. “There is a cultural and social shift and clients don’t want to be marketed to. They want to tell their stories. Develop educational tools for the customers, talk about the problems others are facing and you will automatically sell yourself.” Further, you don’t need to be everywhere, only where the customers are. This means finding if the message is useful to the customer. Listening to how your brand is being talked about,” said Bob. Different modern marketing strategies involve searching for issues in your industry and responding to them, and creating a blog. The goal is to Liberate Content.

Everyone agreed that during this time of financial crisis, one should not be cutting back marketing but redeploying them and looking at alternative ways of reaching the clients with the message they want to hear in the form that they are most comfortable with.

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